Hyperion unveils new insurtech unit; names new RKH CEO
Intermediary Hyperion Insurance Group will establish a new technology-focused business that will manage the group's third-party insurtech investments, as well as incubate its own start-up ventures.
Hyperion X will be launched in January 2019. It will be tasked to develop key areas of data, analytics and digital platform delivery for the company.
Hyperion X will be led by Barnaby Rugge-Price as CEO and Elliot Richardson as chairman.
“Hyperion X is a clear demonstration of our continued commitment to delivering the best solutions for our clients in the most cost-effective way," said David Howden, CEO, Hyperion. "As a Group, we have always embraced change. For us to continue as independent leaders in the markets in which we operate, investment in technology and data is critical."
Howden added: "By combining our expertise in international insurance markets with improved business insights from data, we aim to enhance the products and services that we offer to our clients, to reduce the unacceptably high cost of doing business and to open up new markets.”
Hyperion has also revealed management changes at its subsidiary RKH. With effect from January, Andy Bragoli will take over as CEO and Rugge-Price as chairman of RKH, with Richardson continuing to lead RKH’s reinsurance business.
Bragoli is currently deputy CEO of RKH and has led RKH’s property and casualty business since its acquisition by Hyperion in 2015. He has been with the group since 1997.
Rugge-Price commented: “There has been growing pressure on the cost of delivery across our industry which represents a great threat to us all but, at the same time, a great opportunity for those who can grasp it. I hope that Elliot’s and my experience across the market spectrum will combine with our growing inhouse analytics and technology capabilities to deliver a series of products and market platforms that address the needs of clients and markets.
"I believe the evolution of our industry’s proposition is the most important challenge we face, so when David asked me to lead Hyperion X, I eagerly accepted it as an opportunity to devote my time and energy to a critically important project.”
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